Obama backs Reid debt plan; will speak at 9 p.m.

President Obama will address the nation at 9 p.m. about the debt ceiling debate, hours after his team endorsed the debt reduction plan put up by Senate Democratic leader Harry Reid over the one from Republican House Speaker John Boehner.

Boehner will also make a prime time address tonight, following Obama.

The president's topic is "the stalemate in Washington over avoiding default and the best approach to cutting deficits," said the White House announcement.

In an earlier statement, Obama spokesman Jay Carney said Reid's Senate plan "is a reasonable approach that should receive the support of both parties."

"We hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history," Carney said. "The ball is in their court."

Obama and aides criticized Boehner's plan because it calls for a short-term increase of the $14.3 trillion debt ceiling by up to $1 trillion, along with $1.2 trillion in budget cuts; a second round of debt reduction would take place next year in 2012, an election year.

Reid has proposed $2.7 trillion in debt reduction over the next decade, with a $2.4 trillion rise in the debt ceiling.

The parties want to increase the debt limit by Aug. 2, the day the Treasury Department says it faces a default on some government bills because of the loss of borrowing authority.

Boehner urged the Senate to take up his proposal and for Obama to sign it, saying, "This plan is far from perfect, but it adheres to our principles of ensuring that spending cuts are greater than any debt hike, and it includes no tax increases.

"Time is running short, and it would be irresponsible for the president to veto this common-sense plan and run the risk of default. I would encourage the Senate to pass this plan and the president to sign it."

Carney's statement:

The President has been advocating a balanced plan that would reduce our deficit by $4 trillion by making large cuts in domestic and Pentagon spending, reforming entitlement programs, and closing tax loopholes for corporations, millionaires and billionaires.

This sort of approach won support from Democrats and Republicans in the Senate, but the House Republicans walked away after insisting that the budget be balanced on the backs of seniors and the middle class.

Now, faced with the "my way or the highway," short-term approach of the House Republicans, Senator Reid has put forward a responsible compromise that cuts spending in a way that protects critical investments and does not harm the economic recovery.

All the cuts put forward in this approach were previously agreed to by both parties through the process led by the Vice President. Senator Reid's plan also reduces the deficit more than enough to meet the contrived dollar-for-dollar criteria called for by House Republicans, and, most importantly, it removes the cloud of a possible default from our economy through 2012.

The plan would make a meaningful down payment in addressing our fiscal challenge, and we could continue to work together to build on it with a balanced approach to deficit reduction that includes additional spending reforms and closing tax loopholes for corporations, millionaires and billionaires.

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About David Jackson

David's journalism career spans three decades, including coverage of five presidential elections, the Oklahoma City bombing, the 2000 Florida presidential recount and the 9/11 terrorist attacks. He has covered the White House for USA TODAY since 2005. His interests include history, politics, books, movies and college football -- not necessarily in that order. More about David